Spot gold dealings opened Friday with a $13.60 per ounce gain in New York and a bid-side quote at $1,472.00 amid hectic activity. Silver added 63 cents to open at $40.27 the ounce. Massive gains in platinum and palladium were also manifest.
Precious metals trading opened on a mixed note this morning as the trade parsed the various statements coming out of the Brussels, Lisbon, London, and Tokyo for clues as to what tenor today's market betting might take on.
The New York midweek session started off with small gains across the metals' complex as $108.46 oil and a 0.24-point drop by the greenback on the trade-weighted index underpinned the markets. Spot gold traded $2.20 higher and was quoted at $1459.00.
Tuesday's trading action in New York opened on a slightly defensive note following an overnight interest rate hike by the Chinese central bank and a half-dollar drop in crude oil. Spot gold dealings opened with a small, $0.90 per ounce loss.
As a result of a very good jobs report, gold and silver prices immediately headed somewhat lower today (at last check, gold was nearly $13 into negative territory, while silver fell 49 cents), while the greenback showed a modest improvement.
The euro got a boost from inflation data and set the US dollar on a slippery slope towards lower levels. That slippage, in turn, revived the bull camp in precious metals and sent gold prices back towards the high $1,430s within the first hour of trading.
The midweek trading session in precious metals had something to offer to everyone, but most of all to the many platinum fans out there. Spot gold prices oscillated between gains and losses and silver rose in value.
Precious metals trading opened on a defensive note once again this morning, as currency markets saw the US dollar as well as the euro (at slightly different times) benefiting from hawkish jawboning coming from the official sector.
New York's Monday trading session saw gold prices opening on a defensive footing due to a shift in investor sentiment across the globe. Spot trading in the gold started off with a loss of $19 per troy ounce and Silver spot prices fell by 80 cents.